• Source: Select Portfolio Servicing

Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp. with operations in Salt Lake City, Utah and Jacksonville, Florida.




History


Select Portfolio Servicing was created as a Utah company in 1989. Filings with both the Utah Secretary of State and the U.S. Securities and Exchange Commission (SEC) confirm this. Filings with the Utah SOS and SEC would more accurately confirm that Fairbanks Capital Corp. was created as a Utah company in 1989.
Fairbanks Holding (the parent company of Fairbanks Capital) was owned in part by PMI Group, Inc., and bond guaranty firm Financial Security Assurance.
In November 2003, Fairbanks Capital Corp. and Fairbanks Capital Holding Corp. agreed to pay $40 million to settle with the FTC and the U.S. Department of Housing and Urban Development (HUD), which charged them with engaging in a number of unfair, deceptive, and illegal practices in the servicing of subprime mortgage loans. The Commission distributed the $40 million as redress to affected consumers. The settlement also imposed a number of specific limitations on Fairbanks’s ability to charge fees and engage in certain practices when servicing mortgage loans.
Fairbanks changed its name to Select Portfolio Servicing, Inc. effective June 30, 2004 according to its Articles of Amendment. Around the same time Fairbanks Holding renamed itself to SPS Holding Corp.
In 2005, Select Portfolio Servicing was purchased by Credit Suisse, a financial services company, headquartered in Zürich, Switzerland. According to a Securities and Exchange Commission report (CFN: 1-6862) filed August 12, 2005, Credit Suisse First Boston (USA), Inc. now known as Credit Suisse, purchased Select Portfolio Servicing and its parent holding company for $144.4 million. Credit Suisse's Investment Banking Strategy included "the acquisition of Select Portfolio Servicing, a mortgage servicing company."
In 2007, the FTC conducted a review of Select Portfolio Servicing’s compliance with certain aspects of the 2003 settlement. The FTC and Select Portfolio Servicing negotiated and agreed to several modifications of the settlement. HUD has also agreed to these changes.
As of July 2020, Select Portfolio Servicing's current CEO and President is Randhir Gandhi.




See also


Subprime lending




References






External links


Official website
Google Finance – SPS Profile
Federal Trade Commission Press Release
Consumer Affairs Complaints and Reviews
Legal Struggles with SPS and Other Mortgage Servicers

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